The Insurance Commissioner may promulgate regulations changing the requirements of sections 1 through 8¹ to the extent necessary within the judgment of the Insurance Commissioner, to comply with changes made by the Congress of the United States as to the requirements contained in Section 1882 of Section 507(a) Title XVIII of the Social Security Act,² as such requirements were in effect on the effective date of this act. Such regulations shall take effect within 60 days after their adoption or promulgation. All regulations promulgated pursuant to this act shall be made in accordance with the applicable provisions of 45 Pa.C.S. Part II (relating to publication and effectiveness of Commonwealth documents). Public hearings shall be held prior to the promulgating of any such regulation unless such regulation is insubstantial. The order promulgating any such regulation shall contain findings and reasons for the regulation: Provided, That this section shall not create or permit any right of action at law or equity not otherwise authorized or permitted under the law of the Commonwealth.